After the receipt of its provisional banking license back in 2019, Capital International Bank has managed to acquire the full Class 1(2) banking license under the Alternative Banking Regime (ABR) from the Isle of Man’s Financial Services Authority. Obtaining this permit means that the company can now sign-up new customers.
This is the Island’s first virtual bank with a modern and intuitive interface, leveraging innovative technology and the highest standards in cybersecurity.
Capital International Bank, which is part of the Capital International Group, an Isle of Man headquartered business, will aim to address the requirements of corporations, professional services, fiduciaries, as well the digital commerce and e-gaming sectors. It intends to extend its existing services to qualifying high-net-worth-individuals (HNWIs) during H1 2022.
It has a fast pre-application process, which lets potential customers know within 200 seconds whether or not they’ve qualified for the service. Additionally, the customer onboarding process can be completed in all-digital environment, and it’s a “zero-paper” bank which means all signatures and documentation are submitted digitally.
To date, it’s notably the only applicant that has been successful in acquiring a Class 1(2) banking permit under ABR, which was first offered back in 2016, in order to increase the scope for new banking opportunities on the Island, thus helping to provide benefits to key industries that are in need of modern banking services.
Greg Ellison, Group Chief Executive at Capital International Group, stated:
“Following continued engagement with the regulators and support from the Isle of Man Department for Enterprise, we are excited to bring a new digital corporate bank to market that is built around our specific clients’ needs. We are focused on professional services firms, eCommerce and family offices in the Isle of Man and internationally and are drawing on the latest technology for our client experience and product offering.”
“Looking ahead, as international financial centres like the Isle of Man become even more relevant in corporate finance post-Brexit, the Bank offers a compelling option to international firms looking to do business in the UK and vice versa by acting as a facilitator. Therefore, we are confident and optimistic about the future.”
Laurence Skelly MHK, Minister for the Isle of Man Government’s Department for Enterprise, remarked:
“Capital International Bank is an excellent example of a business which has truly embraced all the benefits of the ABR. Both Finance Isle of Man and Digital Isle of Man, Executive Agencies within the Department, are excited about the ABR licence for the Island’s first digital bank. It highlights the innovation and strength of our financial services and digital sectors, which despite global uncertainty have continued to thrive and contribute to the Island’s economy.”